One of the most important things you can do for your family is to purchase life insurance. While you are with them, you are there to support them emotionally and financially. Life insurance extends that care after you are no longer there in person. If you have questions about life insurance, you are not the only one. Having an independent insurance agent who can answer your questions makes purchasing life insurance easier. At 925 Partners in Jacksonville, FL, we have a team of professionals who work to provide our clients with personalized service.
What type of life insurance should I buy?
Basically, there are two types of life insurance; term life, and whole life. Term life insurance is called term because it lasts for a specific number of years. At the end of the term, you may be able to extend your policy, but the rate will go up. Whole life insurance lasts for your entire life and it earns cash value. Term life is less expensive, but once it ends, if your health has deteriorated, you may no longer be able to buy life insurance. Both types have benefitts and negatives.
How much life insurance do I need?
This is a complex subject that doesn’t have just one answer. How much life insurance you need is particular to your situation and who depends on your wages. It also depends on what your income is.
Can anyone take out an insurance policy on me?
No, a stranger can not purchase life insurance for you. To purchase life insurance for someone, you must have an insurable interest.
Can I choose a child as a beneficiary?
You can choose anyone you want as the beneficiary, but be aware that a child will not be able to collect the money until they are of legal age in the state where they live.
Contact 925 Partners in Jacksonville, FL when you need information about life insurance.